The Legal 500 > Asia Pacific > Hong Kong > Capital markets (equity)

Linklaters is partnered with Zhao Sheng Law Firm in China, enabling it to provide high-quality PRC law advice, as well as international advice, to multinational clients. The firm has a close working relationship with the Hong Kong regulators, making it well-placed to advise on compliance matters. The team leverages mandates from the technology, healthcare, fintech, consumer and energy sectors. Head of practice Gilbert Li is recommended for cross-border private and public M&A, private equity and ECM transactions. Kevin Cheung, who jointly heads the team, handles a wide range of corporate finance and equity transactions. Counsel Donnelly Chan handles equity offerings, joint ventures and regulatory issues. Robert Cleaver relocated to London.

Simpson Thacher & Bartlett LLP’s dedicated capital markets team offers US and Hong Kong law capabilities for both equity and debt transactions originating from China, Hong Kong and Taiwan. The team is headed by five partners, including Celia Lam, who is deeply experienced in securities offerings and listings, public takeovers and private M&A for state-owned enterprises (SOEs) and multinational corporations. Chris Lin handles IPOs across Greater China; Christopher Wong has over 24 years’ experience in China capital markets; Daniel Fertig specialises in US-registered offerings and Rule 144A and Regulation S offerings, and advises public companies on corporate governance and regulatory matters; and Yi Gao, who was recently promoted to partner, advises companies on pre-IPO and post-IPO financing and investments. Counsel Marjory Ding is recommended for public and private offerings of equity and debt securities.

Skadden, Arps, Slate, Meagher & Flom LLP’s deep bench offers seamless Hong Kong, English, and US law advice. It acts for Chinese companies in the technology, healthcare, consumer, education, and fintech sectors, amongst others. Head of China practice Julie Gao is noted for her expertise in capital markets transactions involving IPOs as well as other equity, convertible bonds, and debt securities. Key practitioner Christopher Betts handles a large volume of Hong Kong IPOs and advises on rights issues, placings, and other fundraising activities. Shu Du Hong Kong was promoted to partner and is recommended for securities offerings. Counsel Yilin Xu focuses on public listings, M&A, and private equity investments.

The ECM team at Allen & Overy is complemented by its bench of US securities law partners and capital markets partners in Singapore. It is active in fast-growing industries, such as real estate, life sciences and TMT, and regularly advises international investment banks on blocktrades of Hong Kong-listed companies. Practice head Lina Lee is adept at handling including IPOs, rights issues, secondary share offerings and other corporate transactions; and is fluent in English, Cantonese and Mandarin. Jonathan Hsui advises on securities, corporate and compliance matters. Kung-Wei Liu was promoted to partner. Alex Tao left for Milbank.

Davis Polk & Wardwell LLP handles a strong flow of US and Hong Kong IPOs and follow-on offerings across the region. With strength in TMT and biotech sectors, the firm is well-placed to advise clients in highly regulated industries. It also advises on share placements for both Hong Kong and US-listed issuers. After the recent departure of Bonnie Chan, who returned to an in-house role at the Hong Kong Stock Exchange, the team is headed up by Li He, James Lin, and junior partner Yang Chu. He acts for China-based companies, global investment banks and private equity funds on cross-border equity capital markets transactions. Lin is recommended for US and Hong Kong IPOs by Chinese companies. Chu handles high-profile biotech listings.

Herbert Smith Freehills is well-regarded for advising issuers, underwriters and shareholders on public offerings and private placements of debt and equity across a broad range of sectors globally. Secondary offerings are a key area of focus for the firm and it offers advice on rights issues, block trades and accelerated entitlement offerings. It leverages mandates from the biotech, pharmaceutical, education, energy, infrastructure, TMT, finance, insurance, real estate, retail, logistics and commodities sectors. Under the leadership of Matthew Emsley, the team handles corporate finance work, including IPOs, secondary offerings and M&A. Jason Sung is recommended for the simultaneous listings of A-shares and H-shares.

Slaughter and May has a deep working relationship with the HKSE and SFC, and has several partners serving on committees, including Benita Yu, who is a member of the SFC Takeovers and Mergers Panel,and the Takeovers Appeal Committee. Yu is experienced in cross-border listings and share offerings by overseas corporations and PRC SOEs. John Moore, who is US and Hong Kong-qualified acts for investment banks, corporations and private equity funds on capital markets, M&A and private equity transactions. The practice also handles IPOs, secondary placings, strategic placings and bond issues for major corporate issuers, investment banks and sovereigns. Peter Brien heads the team.

Sullivan & Cromwell handles IPOs and securities offerings in the Hong Kong and Greater China markets, and further afield. It is adept at handling dual listings on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. Key practitioners include Kay Ian Ng, Ching-Yang Lin and Chun Wei.

King & Wood Mallesons is able to handle cross-border mandates with ease, with on-the-ground lawyers in Hong Kong who are qualified in PRC, Hong Kong, English and US law. Its ability to provide PRC advice for Hong Kong and US listings by Chinese issuers is valued by clients. Sheldon Tse, who heads the Corporate and Securities group, specialises in corporate finance, private equity transactions, M&A, and foreign direct investment projects. Gary Lock jointly heads the team and handles complex IPOs, private and public takeovers, corporate reorganisations and privatisations. Candy Chan, who also jointly heads the team, advises investment banks, companies and SOEs on IPOs in Hong Kong.

O'Melveny is noted for its strength in listing Chinese life sciences and biotech companies in the US and Hong Kong. It also acts for issuers and underwriters on strategic and capital raising transactions in the fintech, consumer, retail, TMT, real estate and education sectors. Areas of expertise include secondary and follow-on stock offerings, Rule 144A, Regulation S, Section 4(a)(2) / Regulation D, PIPEs and other unregistered offerings, as well as regulatory compliance matters. Beijing-based Ke Geng heads the team.

Paul Hastings LLP has forged close relationships with Chinese banks and through its Hong Kong, Shanghai and Beijing offices, it handles IPOs and global offerings, right issues, placing and block trades. Other areas of focus include follow-on offerings, regulatory expertise, H Share listings and B to H share listings. With a focus on biotechnology and healthcare, the firm also has clients in the manufacturing, energy, TMT, real estate and hospitality sectors. Chair of the Greater China practice Raymond Li is well-regarded for advising both leading Chinese corporations and internationally renowned inbound investors into Chinese markets. Chaobo Fan joined as partner from Latham & Watkins LLP. Jason Kuo left for King & Wood Mallesons.

The capital markets team at Baker McKenzie covers Hong Kong, China and the Asia Pacific Region. It advises on securities offerings to raise equity, including IPOs, secondary share offerings, warrants and options, and convertible and exchangeable bond issues. Key clients include leading issuers, investment banks, financial institutions, commercial banks, PRC SOEs and private sector enterprises. Beijing-based Jackie Lo heads the practice and handles corporate finance and securities matters.

Cleary Gottlieb Steen & Hamilton is well-regarded for high-end capital markets transactions. With its strong US presence, the firm is well positioned to advise on the SEC-related issues and the US securities law aspects of transactions. Freeman Chan has 30 years’ experience representing issuers and underwriters in Hong Kong-listed IPOs. US-qualified Shuang Zhao advises Chinese corporate clients and investment banks on transactions in the US and Hong Kong.

Reed Smith Richards Butler handles a variety of capital-raising transactions, and with its global network of offices, it is well-positioned to handle domestic and cross-border matters. Areas of focus include IPOs, follow-on offerings, rights issues, secondary offerings and private placements. Denise Jong heads the practice.

Ropes & Gray LLP advises on cornerstone investments for market-leading investors. Victoria Lloyd heads the practice with over 20 years’ experience. Clients include multinational corporate entities, investment banks, and global and Chinese private equity firms, sovereign wealth funds and asset managers. Areas of focus include equity capital markets transactions, public M&A, and securities and regulatory advice.

Wilson Sonsini Goodrich & Rosati focuses on high-end IPOs and follow-on offerings in the technology, education, healthcare, life sciences and consumer sectors. Acting for issuers and underwriters, the practice has a strong focus on Chinese markets. Practice head Dan Ouyang splits her time between Beijing and Hon Kong, and is well-regarded for IPOs in Hong Kong and the US.

Under the leadership of Daniel Wan, the equity capital markets team at Addleshaw Goddard acts for sponsors and underwriters on IPOs. The team leverages mandates from the infrastructure, insurance, financial services, healthcare and power industries, amongst others.